archTIS Ltd has completed its Share Purchase Plan (SPP) and along with its recent placement has now raised A$6,930,563, including A$6.5 million under the placement and A$430,563 under the SPP.
To raise the funds, AR9, a global provider of innovative software solutions for the secure collaboration of sensitive information, issued 30,132,848 fully paid ordinary shares at A$0.23 per share, together with 10,044,257 free-attaching options, each exercisable at A$0.35, which will expire on December 23, 2023.
Executing growth strategy
“We are very pleased with the outcome of the capital raise having received strong demand from both domestic and international institutions. The company is now well funded to continue to execute on its growth strategy,” AR9 managing director and CEO Daniel Lai said.
“Funds raised will be used to build on prior successes with the Australian Department of Defence by launching Kojensi into key US Federal and UK markets, explore and execute on a proven M&A strategy that strengthens the product offerings, customer and geographical expansion to drive greater ARR, and build pipeline and close opportunities with the Microsoft field through the existing IP Co-sell partnership targeting Defence and other regulated industries.”
To assist with its goals, AR9 recently listed on the US-OTCQB.
“Our recent quotation on the US-OTCQB enabled four US investors to participate in the raise including a new Top-10 shareholder with a $1 million investment, as well as key members of the US executive team,” AR9 Global COO & US president Kurt Mueffelmann said.
“We look forward to leveraging this initial success to grow future US institutional investors as we continue to drive toward triple-digit ARR growth.”
AR9 began trading on the US OTCQB market under the ticker ARHLF in early November.
Read: archTIS now trading on the OTCQB as it looks to expand US footprint